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NEW JERSEY
Post-Hurricane Sandy Bill Grants Homeowners Mortgage Forbearance
New Jersey homeowners who were victims of Hurricane
Sandy will no longer have to fear facing foreclosure thanks to
the latest bill that is waiting for approval from New Jersey Gov.
Chris Christie.
If passed, the bill, named S2300, will help homeowners
affected by Hurricane Sandy avoid foreclosure by allowing them
to apply for a forbearance period on existing mortgages, and
homeowners will be allowed to stop making mortgage payments
but will be responsible for maintaining and insuring their
properties as well as paying property taxes. Sponsored by Sens.
Jennifer Beck (R-Monmouth) and Brian Stack (D-Hudson), the
bill was passed by the Assembly and the New Jersey State Senate
before going to Gov. Christie.
Homeowners who have been approved for assistance through
New Jersey's Reconstruction, Rehabilitation, Evaluation, and
Mitigation (RREM) program; the Low-to-Moderate Income
(LMI) program; and the Tenant-Based Rental Assistance
program will be offered temporary protection against mortgage
forbearance through S2300. e bill will also assist those who
have received rental assistance from the Federal Emergency
Management Agency (FEMA) as a result of property damage
caused by the storm.
Sen. Beck told Press of Atlantic City that the new bill will
provide a safety net for families who are struggling to pay
for their mortgage. "e process of securing state and federal
recovery funds is long and complex," she said. "It has been
four years, and yet we still have 3,200 Sandy victims eager to
complete elevation and construction projects, including some
that have just begun."
e forbearance period will be effective up until one year after
the home is awarded a certificate of occupancy, or to July 1, 2019,
depending on which comes first.
